News – Page 961
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Harrison Street expands into the REIT management business
GLOBAL – Harrison Street Real Estate Capital has moved into the REIT management business with the acquisition of Transwestern Securities Management, the REIT subsidiary of the real estate investment firm Transwestern Investment.
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CalSTRS enters $1bn industrial joint venture with Panattoni
GLOBAL – The California State Teachers' Retirement System (CalSTRS) has entered into a joint venture with the Panattoni Development Company to invest $1.15bn (€874m) in industrial and commercial real estate in the US and Canada.
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AREA buys nine-property apartment portfolio in Texas
GLOBAL – AREA Property Partners has acquired a multi-family portfolio in Texas totaling nine properties and 2,589 units for an undisclosed sum.
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Transaction-linked index a 'gift' for asset allocation, says Mercer
EUROPE – The transaction-linked index (TLI) being developed by IPD, which combines market valuations with traded prices, will be a "gift" when devising asset allocations for pension funds, according to Mercer.
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CBRE Investors' opportunity fund takes over Atlantic Station
GLOBAL – CB Richard Ellis Investors has acquired Atlantic Station in Atlanta, Georgia, from insurer AIG for its fifth US opportunity fund.
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Monday people roundup
GLOBAL – Europa Capital, Union Investment, Rockspring Property Investment Managers, UNITE, TPG Capital
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Cornerstone targets infrastructure for first European offering
EUROPE – Cornerstone Real Estate Advisers Europe has launched its first European fund – a social infrastructure vehicle – since the US-based investment manager acquired Protego Real Estate Investors in 2009.
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ATP signs off €700m for indirect real estate investments
DENMARK – Denmark's largest pension fund, ATP, has allocated a further €700m to invest in real estate funds, joint ventures and club deals through its subsidiary ATP Real Estate.
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Connecticut scheme seeks separate account manager
GLOBAL – The Connecticut Retirement Plans and Trust Funds issued a Request for Proposal (RFP) for a separate account real estate manager at its December 2010 board meeting.
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Kansas PERS makes $75m commitment to UBS Trumbull
GLOBAL – The Kansas Public Employees Retirement System has signed a contract to allocate $75m (€58.1m) to the UBS Trumbull Property fund, managed by UBS Realty Investors.
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Vasakronan makes Sweden's largest real estate purchase
SWEDEN – Vasakronan, the real estate company owned by Sweden's national buffer funds, has acquired the Blåmannen 20 city block in Stockholm, known as Klara Zenit, in its entirety for SEK4.35bn (€487m).
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Ohio Police & Fire issues redemption queues on open-ended funds
GLOBAL – The Ohio Police & Fire Pension Fund has decided to issue redemption queues for two open-ended commingled funds in which it has invested.
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CalPERS transfers National Office Partners portfolio to CommonWealth
GLOBAL – The California Public Employees Retirement System (CalPERS) has transferred its National Office Partners real estate portfolio from Hines to CommonWealth Partners.
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APG makes joint bid for ING's €1.9bn Australian property fund
NETHERLANDS – The €266bn Dutch asset manager APG is part of a syndicate bidding for a €1.9bn ING property fund.
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Dutch pension funds offload Rotterdam courts to GBA
NETHERLANDS – A group including Dutch pension funds KPN and TNT has sold the Wilhelminahof offices and courts complex in Rotterdam for €220m to the Dutch Government Buildings Agency (GBA).
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Invesco-Ciloger partnership acquires German properties for French institutions
EUROPE – Invesco Real Estate and Ciloger have acquired 10 newly built retail assets in Germany for €218m on behalf of seven French institutional investors.
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Insurers commit to European debt through AXA Real Estate
EUROPE – AXA Real Estate Investment Managers has secured €1.5bn in insurance company capital to provide European real estate financing.
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Switzerland's AFIAA takes profits from Canadian investments
GLOBAL – AFIAA, the foundation owned by 20 Swiss pension funds, has sold three assets in Canada as part of an optimisation of its global real estate portfolio.
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Danish roundup: ATP, PensionDanmark, Magillum Properties, EY-Tower
DENMARK – The property arm of Danish pensions giant ATP has teamed up with labour market fund PensionDanmark to buy three department store buildings in the country's biggest real estate deal of 2010.
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Season's Greetings
IP Real Estate's news service is taking its annual Christmas break and will return on Thursday 6 January. We wish a merry Christmas and happy new year to all our readers!
